If you look at the headlines on a daily basis, you are often left wondering when the market is going to crash. However we are pondering a different question. Are we just at the beginning of a long secular bull market? We believe that it is a distinct possibility. When I graduated from college in 1997, the market essentially went sideways for over 11 years. After the Great Recession, the recovery has been slower than usual but the global economy is now rising in tandem. Here is a chart of the secular bulls and bears since 1900 and the pattern is quite easy to read. For our clients, we will go into more detail on this subject on our quarterly conference call. If you are not a client and are interested in tuning in, please ping firm@runnymede.com for the details.

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